Never miss an update

NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c




Item specifics

Condition:
New with defects: A brand-new, unused, and unworn item. Possible cosmetic imperfections range from natural colour ... Read moreabout the condition
Brand: MIU MIU
US Shoe Size (Women's): 9 Style: Pumps, Classics
Color: Red UPC: Does not apply
Never miss an update

NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c - blurrypron.com

    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c
    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c
    EUGENIA KIM Multi Print Velvet Pom Pumps Size 40 US 10 RET $598 , STUART WEITZMAN Womens Black Patent Leather Classic Pumps Sz 10 NEW! 209058 , JOHN FLUEVOG SUMMERTIMES: ASHBURY LEATHER PLATFORM HEELS SHOES 6 Summer of Love , NIB Sergio Rossi $490 Color Block Wedge Sandals Cognac Brown Olive leather 37.5VALENTINO GARAVANI IVORY PATENT LEATHER BOW WEDGE SHOE SIZE 38/7.5 $495 , MANOLO BLAHNIK Vine Suede Pump Stiletto High Heel Pointed Toe Plaid Fabric 40.5 , Prada 1XP135 Brown Woven Leather Platform Sandal 9 39 NIB $850 , $1150 FENDI Fantasia Floral - Beaded Multi Color Velvet Sandal SIZE 36.5 , Mr/Ms Balenciaga Nude Stiletto Pump Easy to use Elegant style Various latest designs , GIUSEPPE ZANOTTI DESIGN Metal Heel Leather, black & gold round toe pumps, size 7Men's/Women's ESCADA Black Leather Pumps Sz 39 online sale the most economical Exquisite (processing) processing , Lanvin pour H&M Black Ribbon Pumps - 37 (EU) / 6 (US)NEW Sergio Rossi Sandals Booties Suede Nude Patent Leather Heels Shoes 40.5MANOLO BLAHNIK Black Leather Pump Stiletto High Heel Pointed Toe Striped sz 39.5 , Stuart Weitzman New Nearly Nude Gray Womens Shoes Size 8.5 M Heels MSRP $398 , JIMMY CHOO PLATFORM CROWN GLITTERED LEATHER PEEP-TOE PUMPS SHOES SZ 39 US 9 , new CELINE PHOEBE PHILO leopard print sandals wooden platform clog mule EU36 US6Giuseppe Zanotti Design Women's Brown High Heels Pumps Shoes US 9 IT 40JIMMY CHOO LONDON STILETTO SHOES ANKLE STRAP CLOSURE TEAL PATENT LEATHER , Manolo Blahnik Size 7.5 38 D'Orsay Heels Pumps Black Leather Kitten FormalBALENCIAGA Brown Leather Silver Stud Platform Sandal Heels Size 36Salvatore Ferragamo Black Suede Satin Toe Vara Vera Bow Heel Pump Sz 8.5 New NWTManolo Blahnik ITALY PINK LTHER ANKLE STRAP STILETTO DRESSY PARTY SHOES 41.5$790Jimmy Choo Pallis Patent Wedge Sandals Shoes SZ 40.5Celine Heels Pump with Tassels Ebony Brown Size 39 , New Robert Clergerie Womens Fille Gray Wedge Boots Shoes 9 Medium & More!Fendi D’Orsay Peep Toe Platform High Heel Pumps , NIB Alejandro Ingelmo snakeskin white pumps heels size 36.5 6.5YSL Yves Saint Laurent Tribtoo 105 Nappa Cognac Pumps Shoes Heels 39 9 $795 ,
    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c - blurrypron.com>NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c - blurrypron.com
    Frye Natalie Short Leather Bootie, Sand Color, Size 8M, New in Box, MSRP $348 , PRADA Black Leather Chunky Block Stacked Ve High Heel Ankle Boots Booties 41/11LANE GRACE DISTRESSED BROWN / RED LEATHER INLAY COWBOY WESTERN BOOTS WOMEN'S 6Reebok Insta Pump Fury OG Classic Running Shoes Sport Violet/Black/Orange M46894Old Friend Women's Soft-Sole Moccasin Slipper, Chestnut, Size 6.0 US / 4 UKGB35 Aikko2 Ankle Strap Buckle Sandals 662, Dark Taupe, 8 US , Summer Women Platform Slip On Multi Strap Wedge Heel Canvas breathable SandalsWomen's Stuart Weitzman Brown Snakeskin Loafers w/ Gold Chain & Jewel Size 8.5 M , Neiman Marcus Womans 5B Brown Leather Loafer Shoes , Nine West Women's Woodside Suede Pump - Choose SZ/ColorBordello TEEZE-01 Women's Baby Pink Black Patent 2 Tone Concealed Platform PumpsGentlemen/Ladies bebe Zabrina platform heel Various goods real Known for its excellent quality , Versace 19.69 3103079 SAFFIANO ROSA Décolleté Shoes Women's Pink USNWT J. Crew Women's Buckled Gladiator Sandals - Metallic Blush - Size 8.5 , Versace 19.69 Abbigliamento Sportivo Srl Milano Italia Womens Pump 3109244 VELLURENE CAOVILLA Black Satin High Heel Strappy Jeweled Pearl Sandal Pump Shoe 9-39AGL Attilio Giusti Leombruni Gladiator Sandal Patent Leather Black / US 10Women's Antia Giselle Sandal Size 9 M Croco Cognac Leather Wedge Heel Mule Shoe , New Jordan 23 Breakout mens running shoes 881449 100 size 9 RTL $115Man's/Woman's Air Jordan Oreo 4 Size 6 Rich design Environmentally friendly negotiation , ASICS GEL LYTE V SANZE KNIT BLACK H800N.9090Twisted X Boots Men's MDM0030 Driving Moc Brown/Blue Leather Moc Toe ShoesWolverine Mens Oxford Shoes Luke Tan Leather W40298 , Vintage Florsheim Imperial Black 5-nail V-Cleat Wingtip Oxford Sz 10 B 92604 , New Prvt. Label: by Mezlan M burgundy , KENZO BLACK SUEDE SLIP ON ESPADRILLES TIGER EMBROIDERED SZ 37 , NEW MERRELL SOLO AC SNEAKERS SHOES WOMENS 8.5 J45420 CLASSIC AIR CUSHIONPropet Vista - Women's A5500 Diabetic Shoes Black - 6.5 X-wideHOGAN REBEL WOMEN SHOES R182 HI TOP SNEAKERS HXW1820Q4007WNU810 , Stuart Weitzman Black Suede "PumpedUp" Square Toe Wedge Booties,worn 1x, sz. 8M
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    NWOB $610 $610 MIU MIU SUEDE 29760 MAROON mogochinese-29766 SHOES GLITTER HEEL PEEP TOE STRAP SZ 39 (9 US) 1da9a7c
    Heels
    >
    ;